Exness economic calendar report for week 45: The biggest trading week of the year

First of all, we all know how fundamental reports and data releases affect the markets. But we’ve also seen market sentiment overpower trading logic. While this article lists the events to watch this week, caution is advised. Volatility is almost guaranteed, and political sentiment could create some wild charts. Such swings might be attractive for day traders, but if you are leaving orders overnight, sleep better with a pending Stop Loss or hedging order. This week is not for the faint of heart.

Monday, November 4, 2024 - Factory orders, 14:00 GMT

Today’s Factory Orders data is coming in hot. This report gives us a sneak peek into the health of the US industrial sector. A higher number means factories are busy, demand is strong, and things are looking up. Investors are hoping for a modest increase, but a miss could lead to jitters in the market.

Assets likely to react:

• Forex majors: USD pairs like AUDUSD, EURUSD, GBPUSD could see some price swings depending on the data.
• Metals: Gold (XAUUSD) and Silver (XAGUSD) might attract attention as traders look for safety in case of weak numbers.
• Energies: USOIL could also react since factory activity directly influences energy consumption.

Tuesday, November 5, 2024 - US trade deficit & ISM services index, 13:30 GMT and 15:00 GMT

The US trade deficit figures could set the tone early today. If the deficit widens, it might indicate weaker exports or stronger domestic consumption. Later, the ISM Services Index will shed light on how the services sector is performing—essential in understanding consumer demand and business activity.

What’s expected: A slightly larger trade deficit and stable services growth. Traders will want to see that the US economy is holding steady, with particular focus on the services sector, which forms a significant part of GDP.

Assets in focus:

• Forex majors & minors: USD pairs like EURUSD, GBPUSD, and USDCAD may experience volatility based on these results.
• Forex Exotics: Pairs like USDMXN and USDNOK could move as they respond to trade changes.
• Stocks: Consumer Staples such as Walmart (WMT) or PepsiCo (PEP) might shift as import/export costs impact operations.

Wednesday, November 6, 2024 - S&P final US services PMI, 14:45 GMT

The S&P Services PMI will tell us how the US service sector fared in October. This indicator helps traders assess the overall business climate, which can drive market confidence. A high reading points to expansion, while a dip could hint at economic cooling.

Expectations: The market is bracing for a slight improvement, which would bolster confidence. Anything lower could add to concerns about an economic slowdown.

Assets likely impacted:

• Forex majors & minors: USDJPY, EURUSD, GBPUSD—all major USD pairs will be in play.
• Metals: Gold (XAUUSD) and Silver (XAGUSD) could be sought as safe-haven assets if the reading disappoints.
• Forex Exotics: USDSGD could be affected since Singapore’s economy often reflects broader economic activity.

Thursday, November 7, 2024 - Key data day (initial jobless claims, US productivity, Fed interest rate decision, consumer credit), various times

It’s a busy day for traders. First up, Initial Jobless Claims will show us how the labor market is holding up. Higher claims could point to a softening economy. Next, US Productivity data tells us how efficiently the economy is running. In the evening, all eyes will be on the Fed Interest Rate Decision—speculation is leaning towards a cut, which could have big implications for borrowing costs and investment. Lastly, Consumer Credit will round out the day, giving insights into how much people are borrowing to support spending.

What’s expected:

• Jobless Claims: A slight increase is on the cards, possibly hinting at a cooling labor market.
• Fed Decision: Traders are hoping for a rate cut, which might give markets a boost but could also weaken the US Dollar.
• Productivity and Consumer Credit: Modest gains in productivity, with a rise in consumer borrowing, showing confidence but also reliance on credit.

Key assets to watch:

• Forex majors & minors: Expect movements in EURUSD, GBPUSD, USDJPY—particularly around the rate decision.
• Metals: Gold (XAUUSD), Silver (XAGUSD), and Platinum (XPTUSD) are all likely to move if the Fed cuts rates.
• Energies: USOIL and XNGUSD may react to any surprises in productivity or interest rate data, as costs and consumption change.
• Stocks: Financials such as JPMorgan (JPM), Morgan Stanley (MS), and Bank of America (BAC) will be directly impacted by the Fed’s call, with potential ripples affecting Consumer Discretionary stocks like Amazon (AMZN) and Tesla (TSLA).

Friday, November 8, 2024 - Consumer sentiment, 15:00 GMT

The University of Michigan’s Consumer Sentiment Index gives us a gauge of how confident Americans are feeling about their finances and the economy. Confidence often translates to spending, so traders will be watching closely.

Expectations: A small dip is expected, reflecting ongoing economic concerns. If the actual reading is worse, we could see negative reactions across the board.

Assets in focus:

• Forex majors & minors: USD pairs like AUDUSD, EURUSD, GBPUSD will likely see fluctuations.
• Forex exotics: USDMXN, USDZAR could be especially reactive, as confidence impacts risk appetite.
• Metals: Safe-haven metals like Gold (XAUUSD) and Silver (XAGUSD) might gain traction if sentiment drops more than expected.
• Stocks: Consumer Discretionary stocks such as Amazon (AMZN), Tesla (TSLA), and McDonald’s (MCD) could be affected by shifts in consumer confidence.

Conclusion

Keeping your mobile trading app active throughout the week is a must. If you are unsure what to trade or how to trade this election, then don’t trade with real funds, especially if you are seeing mixed market signals. Instead, test theories risk-free on a demo account as the drama unfolds, and learn from the observations as the markets react.  

Most of all, keep in mind that logic, common behaviors, and technical analysis might not help when forcasting the markets, as the US election will surely destabilize patterns and trigger market sentiment rushes.

The reality is, this week’s markets might throw a few massive curveballs. While some traders might see memorable results worthy of boasting, others might test the limits of the Exness Stop Out Protection feature. The best approach is to stay informed at all times, react to fast moving markets without delay, and be conservative with your exit strategies.

This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.

---

Author:

Paul Reid

Paul Reid is a financial journalist dedicated to uncovering hidden fundamental connections that can give traders an advantage. Focusing primarily on the stock market, Paul's instincts for identifying major company shifts is well established from following the financial markets for over a decade.